Where you live plays a big role in how the housing market feels right now. In some areas, things are heating up with buyers making the moves. In others, sellers still have the upper hand. Basically, the market is splitting into two different stories depending on your location.

What’s a Buyer’s Market vs. a Seller’s Market?

In a buyer’s market, you’ll find plenty of homes available but fewer people looking to buy. This usually means homes stay on the market longer, buyers have more room to negotiate, and prices often come down a bit. It’s really just how supply and demand work.

A seller’s market happens when there aren’t enough homes for all the buyers looking. Since buyers are competing with each other, homes sell quickly, often get multiple offers, and prices tend to go up.

Right now, what’s happening in the housing market really depends on your location. Want to figure out what kind of market you’re dealing with? The best move is to connect with a local real estate agent. They’ll break down what’s going on in your neighborhood, using the important factors that shape the market.

The Number of Buyers and Sellers by Region

A major factor influencing every market is how many buyers and sellers are actively involved. Redfin breaks it down by region, showing the current numbers (check out the graph below).

Right now, the Northeast and Midwest tend to lean more toward seller’s markets. Even though there are still more buyers than sellers, the balance favors homeowners. Overall, homes are selling quicker and prices are going up in those regions.

In the South and West, it’s shaping up to be more of a buyer’s market. There are plenty of sellers out there, so buyers have more options to pick from and don’t have to compete as much.

A few years back, sellers pretty much had the upper hand everywhere. Now, it’s all about the local market—conditions can change a lot, even from one neighborhood to the next.

Price Trends Mirror the Buyer/Seller Divide

When the number of homes available and buyer interest change, prices adjust too. In areas where there are more buyers than homes—like much of the Northeast and Midwest—prices are still going up.

In some Southern and Western areas, there are more homes available and fewer buyers in the market. Because of this, prices are starting to come down a bit. This is good news for buyers who want to negotiate a better deal in those regions.

Check out the most recent price data from ResiClub to see how this gap is playing out across the nation’s top metro areas (see graph below):

That’s why we say it’s a story of two markets. About half of the top 50 metro areas are seeing home prices go up, while the other half are either holding steady or slipping down a bit.

If you own a home in an area where prices are going down, don’t worry. Most homeowners have built up a good amount of equity over the last few years, and you probably have too. So, when you sell, there’s a good chance you’ll still come out well ahead.

Why Local Insights Matter

Even in areas where buyers generally have the upper hand right now, you’ll still find cities, towns, and neighborhoods that don’t fit the overall pattern. That’s why having an agent who really knows the local market is key. They can break down what’s going on right down to the zip code level, covering things like:

• Is it a buyer’s or a seller’s market around here? Let’s break it down.

• We’ll talk about how to price your home right—or how to put together a strong offer—based on what’s really happening locally.

• No matter what the market’s doing, we’ll make a game plan that gets you moving in the right direction.

Bottom Line

In a market where things can change a lot depending on the neighborhood, the key to success is really knowing your local area inside and out. Let’s connect so you have an expert by your side who understands your market and can guide you every step of the way, no matter where you’re located.